The directors present the strategic report for the year ended 31 December 2025.

The principal activities of the group continued to be marine and port services, transport, warehousing, cargo handling, hire and sale of containers and the sale of lubricants.

In 2025, despite the Economic uncertainty, the demand for the Group’s services and products remained strong with Turnover growing by 6.6%.

The Directors have a strategy with plans to increase EBITDA, reinvest profits and expand our presence in our key UK locations. During the year the group purchased GIF Transport & Logistics Limited, a transport division in Aberdeen, to complement our existing Scottish business and facilitate growth in our logistics business.

During the year the business invested £4.9m in a new Eurocarrier workboat (Willdiscover). This investment was to support our future plans and help to meet the requirements of our key customers.

The group is exposed to a variety of financial risks mainly from liquidity, interest, foreign currency, credit to price risk. These are detailed below:

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Price risk

The directors consider that the group faces the usual pricing risk of any other group operating in a competitive commercial environment. They also acknowledge the volatility of fuel prices, and take appropriate steps to mitigate their exposure to this risk.

Other risk

The Group maintains close contact with its customers to ensure it is positioned to respond to their changing needs and remains competitive across all sectors. The Board is focused on recruiting and retaining high calibre staff and continues to introduce initiatives to achieve this.

The group has instigated a more comprehensive system for accurately measuring utilisation which is now measured on an ongoing basis. KPIs are now set throughout the various activities of the group.

Financial key performance indicators:

2025 2024

EBITDA             £5.0m     £4.4m

Sales growth 6.6% 8.8%

Debtor days 49 41

Creditor days 53 61

Staff numbers 177 163

Being a privately owned family business, the group is able to take a long term view when considering its investment and development strategy.

The group fully understands the importance of having a robust succession plan in place which has been an important factor in ensuring the continued success of the group. The appointment of two new directors since the start of the year shows our commitment to this plan.

Despite the continued Economic uncertainty, 2026 has plans for future sales growth and a cost review program as the group looks to increase its profitability and cash flow to help with its Growth and Investment plans. The business operated fuel surcharges in early 2026 to mitigate the input of the high fuel prices following the war in the Middle East.

The group fully recognises and understands its responsibility in responding to the threat of climate change by reducing its carbon footprint and is now measuring this more comprehensively within the Directors’ Report.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the provision of management services in respect of its subsidiary companies.

The principal activities of the group continued to be marine and port services, transport, warehousing, cargo handling and distribution, the hire and sale of containers and portable accommodation units and the sale of lubricants.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,257,837. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities.

The group’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the group enters into principally comprise forward exchange contracts. In accordance with the group’s treasury policy, derivative instruments are not entered into for speculative purposes.

The auditor, Fiander ETL, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Details of the Groups energy use and carbon emissions are detailed below.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

The aggregate energy consumption for 2025 has increased as it now includes the fuel used in our vessels and HGVs. This was omitted from the prior year. We chose to report our energy consumption before the statutory requirement to highlight our commitment to reducing our carbon emissions.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m sales revenue. This has been chosen due to uniquely diversified nature of our business.

We continue to strive to actively reduce our emissions through several initiatives.

REGO backed renewable electricity tariffs are used where available. Around 47% of our total electricity consumption are from renewable sources.

Of our company passenger cars driven by staff 67% are BEV and 33% are PHEV.

2024 saw installation of our first PV solar with a capacity of 30 kWp. This solar generated 35188 kWh during 2025

We continue to refresh our fleet of commercial vehicles to ensure they all comply with Euro 6 emissions standards

HVO, derived from used cooking oil, is being utilised in an increasing volume and presently powers the majority of our material handling equipment.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and risks.

We have audited the financial statements of Williams Shipping Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience.

• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual or unexpected relationships.

• Tested journal entries to identify unusual transactions.

• Tested a sample of BACS payments to identify payments being made to unexpected accounts.

• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

• Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• Agreeing financial statement disclosures to underlying supporting documentation.

• Reading the minutes of meetings of those charged with governance.

• Enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,308,108 (2024 - £937,013 profit).

Williams Shipping Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Manor House Avenue, Millbrook, Southampton, Hampshire, SO15 0LF.

The group consists of Williams Shipping Holdings Limited and all of its subsidiaries. The Group's principal activities are stated in the Directors Report.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, marine vessels and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The consolidated group financial statements consist of the financial statements of the parent company Williams Shipping Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for the following income streams, all of which are exclusive of value added tax: road haulage and distribution services, which are recognised on completion of delivery; warehousing and open storage, which are recognised on a receivable basis; vessel hire and other marine services, which are deferred and recognised in the accounting period to which they relate; sale and hire of storage containers and portable cabins, which are deferred and recognised in accordance with the period of hire or on delivery; storage, transportation and sale of marine lubricants and other supplies, which are recognised at the point of delivery.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand comprise cash in hand and other short-term deposits held with original maturities of less than three months. Any bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

In categorising leases as finance leases or operating leases, management make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

The marine vessels in fixed assets are held at valuation. In concluding on the value of the vessels there are a number of issues to consider. Each vessels value is linked to its age, model, its state of repair as well as the current state of the market. The market tends to vary depending on the demand for vessels at certain times. These all make valuing the vessels complex and therefore require significant judgment from the directors. The net book value of the vessels are £16,860,500 (2024: £10,893,785).

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

In calculating the depreciation of the vessels the directors have considered the useful life of the vessels to the company and what their values will be at the end of that life. The directors feels that the residual value will be 30% of the value of the vessel at the start of their useful life. This is based on the directors experience in the industry and past vessel sales.

An analysis of the group's turnover is as follows:

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024: 4).

No detailed disclosure has been made for the prior year due to the remuneration being below the threshold of £200,000.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Marine vessels are carried at valuation. If marine vessels were measured using the cost model, the carrying amounts would have been approximately £12,286,468 (2024: £7,824,009), being cost £15,908,857 (2024: £11,345,080) and depreciation £3,622,389 (2024: £3,521,071).

Freehold properties are carried at valuation. If they had been measured using the cost model, the carrying amounts would have been approximately £2,069,731 (2024: £1,697,154), being cost £2,299,298 (2024: £1,913,298) and depreciation £229,567 (2024: £216,143).

Spud legs (included in plant and equipment) are carried at valuation. If they had been measured using the cost model, the carrying amounts would have been approximately £8,581 (2024: £14,311), being cost £57,300 (2024: £57,300) and depreciation £48,719(2024: £42,989).

More information on impairment movements in the year is given in note 12.

Freehold land and buildings were revalued based on a report prepared by Symonds & Sampson on 28 November 2025, an external firm of chartered surveyors. This valuation has been reflected in these financial statements at £3,550,000. The directors are of the opinion that this valuation best reflects the open market value as at the balance sheet date.

Marine vessels were revalued by the directors at 31 December 2025, based on the insurance values for each vessel. The directors are of the opinion that the valuation continues to reflect the open market value.

Spud Legs included in Plant and Equipment were revalued on 1 April 2016 at £117,200 by an internal expert and deemed by the directors to be that value at the balance sheet date.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

The Group uses foreign currency forward contracts to manage the foreign exchange risk of future transactions and cash flows. The contracts are value based on available market data. The Group does not adopt hedge accounting for forward exchange contracts, consequently, fair value gains and losses are recognised in profit or loss.

At the year end, the total future payments of outstanding foreign exchange options is £567,227 (2024: £1,087,812). There is an unrecognised loss of £11,305 (2024: £29,067 gain) on these contracts. There is no premium payable on redemption.

The Group has bank borrowings of £8,964,531 (2024: £5,257,967) which is broken down as follows:

The bank loans of £1,160,880 (2024: £1,234,286) are secured by a fixed charge over the freehold property and a cross guarantee between each of the companies in the group and bear interest at a rate of 2.56% + LIBOR per annum. The repayment term of the initial loan was 230 months.

The bank loan for the land purchase in Aberdeen of £240,717 (2024: £nil) is secured by a fixed charge over the land and buildings at Wellheads Crescent in Aberdeen and a cross guarantee between each of the companies in the group and accrues interest at 1.43% above base rate. It is due to be repaid by April 2030.

The bank loan for the purchase of GIF Transport & Logistics of £1,184,167 (2024: £nil) is secured by a fixed and floating charge over the assets of GIF and a cross guarantee between each of the companies in the group and accrues interest at 3.73% above base rate. It is due to be repaid by October 2030.

The marine mortgages of £5,830,945 (2024: £3,259,908) are secured on the assets to which they relate and bear interest at rates ranging from 3.5% + LIBOR to 9.0% per annum. The repayment term of the initial loans range from 72 to 84 months.

The CBILs loan of £408,333 (2024: £758,333) is unsecured and accrues interest at 2.02% above base rate. It is due to be repaid by February 2027.

Other loans consist of a Castrol loan of £371,030 (2024: £397,765) which is unsecured and interest free. As the loan is interest free it has been discounted using an appropriate interest rate of 2.1%. The initial loan amount was $500,000 and is retranslated and discounted at each balance sheet date.

Borrowings are denominated and repaid in pounds sterling, have contractual interest rates that are either fixed rates or variable rates linked to LIBOR that are not leveraged, and do not contain conditional returns or repayment provisions other than to protect the lender against credit deterioration or changes in relevant legislation or taxation.

The preference shares do not carry voting rights, are entitled to a fixed cumulative dividend of 3.75% per annum, and are redeemable at the option of the company at any time, and at the option of the shareholders at any time after 1 January 2016. As a result, the preference shares are presented in current liabilities.

Obligations under finance leases and hire purchase contracts are secured by the related assets and bear finance charges at varying rates.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The Group's obligations under finance leases are secured by the lessor's charge over the leased assets. The net book value of secured assets is disclosed in the fixed asset note.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. An amount of £nil (2024: £nil) was payable at the year end.

Each class of ordinary shares carry no right to fixed income and rank equally for voting rights and on winding up of the company. Additionally, the company has in issue 60,000 redeemable preference shares of £1 each, classified as liabilities. These shares do not carry voting rights.

During the year 14,716 B Ordinary shares were redesignated as 7,358 E Ordinary shares and 7,358 F Ordinary shares, 5,250 D Ordinary shares were redesignated as 2,625 E Ordinary shares and 2,625 F Ordinary shares, and 20,368 A Ordinary shares were redesignated as 20,368 I Ordinary shares.

Reserves of the group represent the following:

Revaluation reserve

The cumulative revaluation gains and losses in respect of land and buildings, except revaluation gains and losses recognised in profit and loss.

Profit and Loss account

Cumulative profit and loss net of distribution to owners.

On 31 July 2025 the group acquired 100 percent of the issued capital of GIF Transport & Logistics Limited.

Group

The company has issued an unlimited and composite guarantee for all liabilities of fellow group companies, in favour of Lloyds bank. The total value of the contingent liability at the balance sheet date was £1,160,880 (2024: £1,234,286). The directors have no expectation of this liability crystallising.

The company is registered with H M Revenue and Customs as a member of a group for VAT purposes and as a result is jointly and severally liable on a continuing basis for amounts owing by other members of that group in respect of unpaid VAT. The total value of VAT owed by the group at the balance sheet date was £441,333 (2024: £304,800).

Williams Shipping Marine Limited, also owned by Williams Shipping Holdings Limited, have marine mortgages totalling £5,006,362 (2024: £3,265,347) on vessels included in that company. The mortgages are guaranteed by all the companies in the group.

As at 31 December 2025, the company had commitments of £nil (2024: £78,329). The group had commitments of £976,075 (2024: £1,271,532).

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

During the year rent was paid to Williams Shipping Group Retirement Benefit Scheme of £82,500 (2024: £82,500). Pension contributions of £45,557 (2024: £32,830) were paid to Williams Shipping Group Retirement Benefit Scheme.

These are related parties of the Group because the directors CR Williams, PJD Williams and JRM Williams are the trustees of this scheme.

During the year, the company operated an interest free loan account with a Director, Mr C C Williams, This was repaid in the year. The amounts involved were as follows:

The ultimate controlling parties are the directors by virtue of their shareholdings.